Essay On Entrepreneurship's Attributes And Effectiveness.

Entrepreneurship: An Overview

Question:

Discuss about the Entrepreneurial Team & Entrepreneurial Leadership.

The research report will be discussing the attributes of entrepreneurship. The topic Entrepreneurial Teams and Entrepreneurial Leadership has been selected and the opportunities, effectiveness and skills of individual entrepreneur and the entrepreneurial teams have been compared. The focus on small business was paid and both the primary and secondary method of data collection is adopted (Simba & Ojong, 2017). The start-up of Mush: Let’s Do It Together was launched in 2016 whose entrepreneurial ideas are described as well. Lastly the findings and discussion will be done where the charts and graph has been presented as well.

As per Kuratko (2016), entrepreneurship is the starting up the new business venture that consists of the new ideas and values comprising of unique elements which attracts the consumer. The entrepreneur analyses the market situation and move forward accordingly by incorporating the risk factor within with the motive of earning profit and establishing the benchmark in the era of business. The studies show that individual entrepreneur likely to fail more than the entrepreneurial team where the minds of various people work together in different directions and the wise business ideas and policies are adopted to ensure the success of the business venture (Kuratko, 2016). The entrepreneurial leader along with the team could create wonders by utilising their potential and evaluating the latent talent and giving their talent the shape of business venture to create something new and investing their interpersonal qualities within the business taking the business to new hikes. In the present scenario the individual entrepreneur focuses less over the small and medium enterprises (SMEs); moreover the large and medium enterprises are in the trend.  According to Storey (2016), the studies have been conducted and it was figured out that entrepreneurial team are not able to handle the large business due to handling of team members as well. At one point where team contributes in the growth of business and popping up of the new ideas on the other side there arises ego problem as multi-talented people come together for the common cause (Storey, 2016). On researching the solutions have been derived to manage the teams as well as the small and medium enterprises so that simultaneous development could be ensured. The entrepreneurial teams and leadership learn more about start-ups and step in the field to learn something new and introduce the world with uniqueness. Hsieh & Lee (2017) states that, the contribution of entrepreneurial teams adds on to the GDP of nation and financial status of country rises along with the creation of job opportunity and corporate social responsibility is focussed upon (Hsieh & Lee, 2016).

Entrepreneurial Teams vs. Individual Entrepreneur

The overall report discusses upon the entrepreneurial teams and leadership in which the team and individual working has been discussed. The difference between SME and large venture is discussed followed by current situation in context of the prevailing situation in the market. In the research a brief literature is quote along with primary and secondary methodologies. Lastly the analysis and findings are made which is represented by charts and graphs followed by the conclusion. Stage of entrepreneurship has been discussed to know the prevailing situation of United Kingdom and how this start-up could be made more successful and focussing over the small organisations so that hidden area could also flourish and provides support to nation’s GDP.

The research method adopted for this report is secondary and primary data. In primary data collection questionnaire has been constructed and opinions of the entrepreneurs and experts have been collected to record and compare the data for gaining authentic and reliable results. The secondary data technique has also been used in which second hand information is gathered from the newspaper, journal articles and other literary work already performed in the similar field by experts (Fallon, 2016).

For the primary data collection the questionnaire has been constructed and the feedback from the entrepreneurs, supplier, buyers, investors and other shareholder has been taken. The sample size is been selected and based on that the research is processed. The study has been conducted at the small level choosing the sample size of 100 people. Along with the questionnaire, interviews are also conducted individually as well as the group focus interview session to access the thinking of people individually and the working that takes place in the teams (Patten, 2016). The effectiveness has been measured on analysing and evaluating the data using the quantitative techniques. The observation method has also been selected where the systematic viewing take place. Working of large enterprises and the impact of political and legal strategies are seen along with their influence on the small enterprises. The observation method helps the researcher in gaining the current and fresh information that actually prevails (Morgan et al, 2017). The drawback of this method is that it’s costly in terms of time, though the current information is collected yet the data is limited and there are some uncertainties that disrupt the procedures. The participant observation has been chosen where the entrepreneurial teams and their behaviour towards the mate, attitude towards the work has been observed. This method assists in collecting the hidden information within the group and the measures are suggested to improvise the present situation.

Entrepreneurial Leadership

For the secondary information both the internal and external sources of information has been collected. For the internal data the sales report and financial statements of certain entrepreneurial units have been identified and the data is evaluated. The customer details are noted down and they are contacted to make a check over the information and promises that the company provides in real. The feedback reports are also examined where revert from stakeholders like distributor, retailer and brokers are collected. Focussing over the external sources of secondary data collection the tax records have been collected to compare the actual growth and what the company in real claims (Ellram & Tate, 2016). If the scene of evasion has been aroused up or not is scrutinized. Along with it business journals are studied and internet is always the source to gather the data from any corner of the world. The expert readings are also preferred from the authentic e-libraries. The analysis of these data is done using the qualitative technique in which the self-review and observations are noted down. It is based on the perception of researcher and the thoughts they have regarding the entrepreneurial teams and leadership that follows in the various small and medium enterprises (Johnston, 2017).

The studies stated that politics play a vital role in the establishment of the business, when the organisation is large and continuing in the long run then policies are designed according to them as they give business to the nation and heavily contributes in the increasing GDP of the country. In such a situation the small and medium enterprises have to suffer as many times the political situation do not favour them and to stay in the long run they have to impress the leaders which create dependability and act as the barrier towards the start-up. There are some other factors as well that highly affects the development of the small and medium business enterprises. In structure the bureaucratic nature is defined in depth. The structure basically defines the organisational structure of the company; better the structure more will be the chances to follow the hierarchy (Kumar, 2017). The small business could not afford to maintain the high profile structures as the costing gets high and standard of small and medium enterprise do not match the same thereby the small company lacks the capacity to have the good structure. The employee factor also varies as the large organisation involves and attracts those employees who demand for the job security, generally the experienced people work over there (Franklin-Wallis, 2017). The fresher or people who aspire for more and wanted to learn diverse things and work along with the distinct people choose to be in the small and medium enterprises where there are variety of things that could be learned and interpersonal development takes place. The other point that matters and brings difference between small and large organisation is salary and culture as well. From the perspective of individual and the group entrepreneurs there are several entrepreneurial opportunities that rise up. There are competencies required in establishing the entrepreneur and the skills, behaviour and value play the vital role in attempting the start-up and expanding it further using the effective techniques to result in big success (Macaulay, 2017).

Small vs. Large Business Enterprises

The entrepreneurship theories are focused upon by the small enterprises and the recent trend of start-up is continuing. There are several businesses that came into existence with the commencement of start-up which involve the crucial role of digitisation of the country (Burton et al, 2016). There is the innovation of wireless Wi-Fi equipment which renders high speed internet and enables quick downloading, the fresh juice machine has been introduced that delivers fresh fruit juice and the uniqueness it carries is this that the equipment could be operated using the Wi-Fi. Similarly, Uber has come up providing the rides facility to customers at the minimal charges set as per the route and timely provide the discounts and offers on every ride. Such a company adopts certain entrepreneurship theories to ensure smooth working of the entrepreneurial teams and entrepreneurial leadership. The economic theory is focussed which adjusts the budget of the leaders and team invests in them to take high risks so that better return are received and the business venture gains the popularity. Next thing that the entrepreneur concentrates is resource based theory where focus is paid over the selection of allocation of resources at the adequate place. They ensure to utilise the resources be it eth natural or human resources in the optimum manner .Then the psychological theory is there where most of the clashes occur as it is solely depends upon the mentality of the individual (Meri, 2016). The mind-set of one person cannot match the other person. The perception and concept of things vary from person to person and this is the reason that entrepreneurial teams and leadership face the conflicts but these could be resolved if mutual understanding is perceived and view point of others are given the equal importance. There is a need to follow the sociological theory as well which states the corporate social responsibility and fulfilment of the cultural norms as well. The last theory is opportunity based theory in which the efficiency and effectiveness of entrepreneurs could be judged. The entrepreneurs are those that figure out opportunity in every mishap or any uncertainty. The social, economic, technological and culture challenges appear and the entrepreneurs are the opportunists and they find out positivity in every off and ready to fill up the loopholes that exists in the system (Dontigney, 2017).

Mush is the start-up that took place in the year 2016 for helping out the new mums to handle the problems related to the babies. Being in the new phase the women feel isolated and demand for all time help. The “Tinder for mums” app has been launched where the parents could contact the experts and ask their query and seek resolution initially the company too faced many challenges as it adopted short cuts to gain early success which lead to the failure (Let’s do it world, 2017). The company has grown vast and spread its branches in US, Canada and Australia. It is named as the parent-tech and has gain the hike which could be figured out with the fact that the rivals have come up. Peanut has launched the same in February 2017 (Wired, 2017). The slogan that the company carries is Mush: Let’s do it together, the tagline itself conveys half the message that it collects the mums from all around and bring them on the same platform to discuss the problems and have fun together. The company initially faced many challenges but with the determination and fixed vision they overcome the challenges and succeed to build up the image in positive manner. It focussed on the social responsibility by caring for the mother and the child. It is the result of the entrepreneurial team and leadership. The company has been founded by Sarah and Katie who developed that there are many mothers that strive for help and company and there are many children of the identical ages that could be collected and friends could be developed. The people share their advice and experience through the site using the GPS. The app consists of 75000 members at present and the number is growing (Peck, 2017). The app helps in rendering the information about the similar mums located near by having the similar age kids so that the time gets well spend. Being the lonely mum Katie found out the opportunity and introduced this app with the help of the friend Sarah and now many similar mums chat and swap on the same page.

Research Methodology

Following is the graph that depicts the impact of digitisation on SME and barriers that the small organisation faces. The small organisations do not easily adopt the changes and digital change is the major change that took place. The small and medium industry faces low priority in business line and the lack of time is there with them. In order to engage the consultant the high cost is applied and similarly appointing an expert to seek advice is also less. The SME entrepreneur has lack of knowledge regarding the field as they come with the new item. There is the major cost of recruitment and training. Along with this the maintenance cost occurred is also high, to develop the business there is a need to have some equipment as well whose cost is also added in the business  and there also occur the uncertainty which could happen at any moment of time.

Figure showing the number of start-ups that took place in UK. In the year 2014 there were 608,100 new companies were opened and the number increased by 5% in 2015. The chart demonstrates the constant growth of start-up in UK in the recent years (Perez, 2016).

Conclusion

Hence, the research could be concluded in the terms of the topic selected. The topic that has been opted is Entrepreneurial Teams and Entrepreneurial Leadership. First of all the identification of the characteristics has been made and the brief literature review has been quoted stating the characteristics of SMEs and how is it divergent from the large organisations. The brief of report has been included in the introduction section. Thereafter the methodologies have been discussed. The methodology adopted in conducting the research is both the primary and secondary data collection method. In primary research methods questionnaire method has been adopted along with the individual and group interviews. Form the individual the personal perspective is gained whereas in the group interview ideology of team is understood as the compatibility among the teammates is learnt and the minute mistakes are corrected so that accomplishment of business goal could be achieved. In the primary research emphasis has been paid to the observation as well where the participative observation has been chosen and the disadvantaged haven been quoted as well. The current situation of the business in the market is studied as well. Arguing over the secondary research the journals, books from e-library has been selected. Both the quantitative and qualitative analyses have been made. Finally the findings and discussion over the theory of entrepreneurship has been made which includes the start-up opportunity involving the competencies and skills that are needed for the successful business. The start-up has been discussed with the support of example of Mush: Let’s do it together, which is designed to connect the new and lonely mothers to interact with each other. Lastly, the chart and graphs related to the SME and start-up in UK has been quoted to present the facts and figures.

References

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Johnston, M.P., 2017. Secondary data analysis: A method of which the time has come. Qualitative and Quantitative Methods in Libraries, 3(3), pp.619-626.

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Let’s do it world, 2017, Let’s get things done together and make a difference! Viewed on 31^st October 2017, < https://www.letsdoitworld.org/about/foundation/our-projects-and/>.

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